Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

Property, Plant, and Equipment

Property, plant, and equipment were composed of the following:

	December 31,
Millions of dollars	2024		2023
Land	$	119	$	119
Buildings and property improvements	1,751		1,724
Machinery, equipment, and other	15,704		15,121
Total property, plant, and equipment	17,574		16,964
Accumulated depreciation	(12,461)		(12,064)
Net property, plant, and equipment	$	5,113	$	4,900

During the years ended December 31, 2024 and 2023, no impairment charges were recorded on property, plant, and equipment.

Classes of assets are depreciated over the following useful lives:

	Buildings and Property Improvements
	2024	2023
1    -   10 years	17%	16%
11    -   20 years	40%	40%
21    -   30 years	26%	26%
31    -   40 years	17%	18%

	Machinery, Equipment, and Other
	2024	2023
1    -    5 years	46%	47%
6    -   10 years	45%	43%
11    -   20 years	9%	10%